29th Jun 2015 07:50
LONDON (Alliance News) - Financial services company STM Group PLC on Monday said its STM Jersey business has been cleared by an investigation launched earlier this year related to compliance procedures in the division in 2012.
In April, STM said the Jersey Financial Services Commission had in 2012 opened an investigation into STM Fiducaire, the company's Jersey-based wealth management business, into compliance procedures in place at the company. That investigation concluded STM had acted swiftly to correct the perceived failings and that no clients had been put at risk. It added STM Fiducaire felt the investigation had been brought to a satisfactory conclusion at that time.
But the Attorney General for the States of Jersey said in April that it it intended to pursue the prosecution of a former STM Fiducaire employee and said STM Fiducaire will be jointly-charged as a defendant due to it being the employer at the time of the offence.
On Monday, however, STM said its Jersey arm has been acquitted of all charges and found not guilty, therefore will not be sanctioned professionally or financially.
"STM Jersey has always fully cooperated with the Attorney General and was confident of its conduct, so this is a pleasing outcome," said Chief Executive Colin Porter.
STM shares were down 0.7% to 43.18 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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